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Volterra Reports Record Quarterly Revenue and Increases Share Repurchase Plan
FREMONT, Calif., July 23, 2012 Volterra Semiconductor Corporation (Nasdaq: VLTR), a leading provider of high-performance analog and mixed-signal power management semiconductors, today reported financial results for its quarter ended June 30, 2012.
Net revenue for the second quarter of 2012 was $43.6 million, a 4% increase from $42.1 million in the first quarter of 2012, and a 4% increase from $41.7 million in the second quarter of 2011. GAAP net income was $6.0 million, or $0.22 per share (diluted), a 3% decrease from $6.2 million, or $0.23 per share (diluted) in the first quarter of 2012, and a 13% increase from $5.3 million, or $0.20 per share (diluted), in the second quarter of 2011.
Volterra also reported net income and diluted net income per share on a non-GAAP basis. Non-GAAP net income excludes the effect of stock-based compensation expense. Non-GAAP net income was $8.5 million, or $0.32 per share (diluted), in the second quarter of 2012, a 1% decrease from $8.6 million, or $0.32 per share (diluted), in the first quarter of 2012, and a 14% increase from $7.4 million, or $0.28 per share (diluted), in the second quarter of 2011.
We are pleased to report record revenue for the second quarter, despite the challenging economic environment, said Volterra President and CEO Jeff Staszak. We are benefiting from market share gains on new servers and notebooks which we expect to continue to ramp through 2012.
Volterra also announced that its Board of Directors recently approved an expansion of its previously authorized share repurchase plan by an additional $15 million.
Repurchases under Volterras repurchase plan may be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The repurchases shall be made in compliance with applicable rules and regulations and may be made under a plan that complies with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
Earnings Conference Call
Volterra will be conducting a conference call today at 2:30 p.m. (PDT). To access the conference call, investors can dial (877) 941-0844 approximately ten minutes prior to the initiation of the teleconference. International and local participants can dial (480) 629-9835. Investors should reference Volterra. A digital replay of the conference call will be available until midnight on Monday, July 30, 2012. To access the replay, investors should dial (800) 406-7325 or (303) 590-3030 and enter access code 4549369#. A webcast of the conference call also will be available from the Investors section of the Companys website at: http://www.volterra.com until midnight on Monday, August 20, 2012.
About Volterra Semiconductor Corporation
The following information was filed by Volterra Semiconductor Corp (VLTR) on Monday, July 23, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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